Today is May $1,2016.$ Elmaan Ngyuen has just been drafted by the Toronto Raptors. He will be

earning $$3,000,000$ for $2016,$$$4,000,000$ per year from $2017$ to $2020,$$$5,000,000$ per year from $2021$

to $2026,$$$6,000,000$ per year from $2027$ to $2033,$$$4,000,000$ for $2034,$$$3,000,000$ for $2035,$ and

$$2,000,000$ for $2036.$ Assume all payments are made on December $31$ ; therefore first payment will be

on December $31,2016.$ Assume the discount rate of $9\mathrm{.}7618\%$ per year compounded semiannually till

the end of year $2026,$ and $7\mathrm{.}7706\%$ per year compounded quarterly from $2027$ to $2036.$

a$.$ Determine the present value of the above payments on May $1,2016.$

b$.$ If he were to receive an equal annual salary at the end of each of the year $2016$ to $2026(11$

payments$)$ then what would that salary be$?$ Assume the first payment is on Dec $31,2016.$